UPDATE: Evercore Upgrades Microsoft to Overweight, Cites Strong Enterprise Business

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Evercore analyst Stewart Kirk Materne issued an early-morning upgrade on shares of Microsoft
MSFT
Thursday morning. The analyst now rates Microsoft an Overweight, up from Equalweight previously. Materne cited positive valuation of its enterprise business. Materne said Microsoft's enterprise business drives 75-80 percent of Evercore's FY2014 EPS valuation estimate, while consumer business will need to stabilize in 2014 in order to maintain an attractive risk-to-reward ratio. Any upside in the Windows and Mobile segment could move shares upwards, according to the Evercore analyst. Materne believes Microsoft may announce a dividend increase at its Analyst Day in September. The upgrade comes amid, as Materne pointed out, overall negative Street sentiment on the stock and lowered consensus estimates by a number of sell-side firms. Shares of Microsoft are up 2.8 percent at last check; the price has bumped up against the $33 level for the majority of Thursday's afternoon session.
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Posted In: Analyst ColorUpgradesAnalyst Ratings
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